Carl
Level 15

Investors & landlords

All responses seem to leave out one very important bit of information.

If this is a single member LLC and not a multi-member LLC, partnership or corporation, then absolutely nothing what-so-ever concerning the rental property will be entered on SCH C, unless you qualify as a trade or business. With only one rental property, I seriously doubt it qualifies as a trade or business. (it's possible. But based on the information provided, I doubt it.)

All income and expenses for long term residential rental real estate is entered on SCH E. Not SCH C (unless you qualify as a trade or business.)

A fair amount of short term rentals (such as VRBO or AirB&B) also do not qualify as a trade or business.

https://www.irs.gov/charities-non-profits/trade-or-business-defined